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2014-05-16

Sevan Drilling ASA: Sevan Louisiana Update

On 13 May 2014, Sevan Drilling received a USD 32.5 million mobilization fee
for the Sevan Louisiana. The rig is continuing acceptance testing and is
expected to be on rate by the end of May. The Sevan Louisiana is contracted
with LLOG in the US Gulf of Mexico for a firm period of 1,095 days and the
total revenue potential for the primary contract term is approximately USD
585.5 million inclusive of the mobilization fee.

For further information, please contact:

Scott McReaken, CEO, Sevan Drilling ASA
+47 91194651 mobile

About Sevan Drilling:
Sevan Drilling ASA is an international offshore drilling contractor
specializing in the ultra deepwater segment. Sevan Drilling ASA is listed on
Oslo Børs.

This information is subject of the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Sevan Drilling ASA via Globenewswire

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